How to Build Your Data Maturity Action Plan

Business team working together to analyze data
By Trellance

12 minutes

Tools and checklists

The journey to achieving data maturity is not short, nor does it follow a straight path. Data maturity will differ for every credit union, and goals will need to be adjusted and updated as the credit union continues to grow. The journey is never truly over.

But figuring out where your credit union is on that journey can be difficult. Not every credit union will begin from the same point on the map, and they won’t all follow the same path. Often, just getting started can be the hardest step. Data maturity requires buy-in from every business level, from leadership to tellers. If your credit union doesn’t have a data-based culture, then getting started on the data maturity journey may be difficult.

If your credit union isn’t fully sold on becoming data-driven yet, that’s where you’ll need to start. Starting a major change is difficult, but making data-driven decisions will benefit your credit union.

If your credit union already has a data-driven culture, you can start planning your journey. Though data maturity looks different for every credit union, the stops along the way can be grouped together into four main pillars:

  • Data Management,
  • Descriptive Analytics,
  • Predictive Analytics, and
  • Prescriptive Analytics.

Once you know which of these pillars your credit union falls under, you can begin to develop maturity goals and chart your next steps.

But how do you know where your credit union is? This whitepaper, developed by credit union and analytics experts, provides key descriptions of all the pillars of data maturity to help you understand each step and determine where your credit union is, and where you want it to be. It also provides a quiz to help you determine your data goals, and helpful checklists to start planning your next steps, including the additional tools and staff you’ll need to acquire and budget for.

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